United Kingdom - Domestic Politics, News & Updates

"The British bank plans to have 4,000 permanent employees working in technology and data in India by the end of the year, according to an internal presentation seen by the Financial Times. This will account for nearly half of the global total of such jobs, according to a person familiar with the plans.

Some 6,000 employees in Lloyds’ UK IT department received a warning last month that their jobs were at risk as the bank conducted a review of “the skills required for each critical role in our engineering job families”.

Other UK banks and building societies have already shifted operations to India. More than 17,000 NatWest employees are based in Bengaluru and Gurugram, according to its annual report, while Nationwide has also transferred some IT jobs to India."

www.ft.com

Lloyds shifts skilled IT jobs from UK to India

High street bank plans to have nearly half of its IT engineers based outside its home market by 2026
www.ft.com www.ft.com

Saw a lot of cope and seethe in the comment section.
 
sameer said:
"The British bank plans to have 4,000 permanent employees working in technology and data in India by the end of the year, according to an internal presentation seen by the Financial Times. This will account for nearly half of the global total of such jobs, according to a person familiar with the plans.

Some 6,000 employees in Lloyds’ UK IT department received a warning last month that their jobs were at risk as the bank conducted a review of “the skills required for each critical role in our engineering job families”.

Other UK banks and building societies have already shifted operations to India. More than 17,000 NatWest employees are based in Bengaluru and Gurugram, according to its annual report, while Nationwide has also transferred some IT jobs to India."

www.ft.com

Lloyds shifts skilled IT jobs from UK to India

High street bank plans to have nearly half of its IT engineers based outside its home market by 2026
www.ft.com www.ft.com

Saw a lot of cope and seethe in the comment section.
Click to expand...
I would much rather prefer, jobs being outsourced to here than Indians moving to western countries atp. rising racism and propoganda will only get worse as west declines further
 
m.economictimes.com

UK’s non-dom tax changes could be driving out billionaires like Lakshmi Mittal

Steel tycoon Lakshmi Mittal is considering leaving the UK due to the end of tax benefits for non-domiciled residents. This follows the Labour government's abolition of the 226-year-old non-dom tax regime, potentially prompting other high-net-worth individuals to seek tax-friendly jurisdictions...
m.economictimes.com m.economictimes.com

Well , billionaires seeking residential status in UK added to their tax revenue base & snob value. Not anymore.

Seems clear the only billionaires UK's looking to host are fugitives from the law in their own respective countries.

That way UK ensures these billionaires stay domiciled in UK 24x7.
 
FalconSlayers said:
Mashallah

View: https://x.com/SMMT/status/1895738072962101634
Click to expand...


The Society of Motor Manufacturers and Traders (SMMT) data revealed that the total production of cars and commercial vehicles dropped nearly 12% from the previous year to 82,178 units last month.
Click to expand...
In a move that further complicates the situation, U.S. President Donald Trump imposed a 25% tariff on imported vehicles late Wednesday, the decision which has shaken automakers and escalated trade tensions, with threats of retaliation from affected U.S. allies now looming.
Click to expand...
The U.S. is the second-largest importer of British-made cars after the European Union, accounting for nearly a 20% share, according to SMMT data. More than eight out of ten cars produced in Britain in February were exported.
Click to expand...
On the domestic front, British car production for the local market in February plummeted approximately 33% to 13,780 units compared to the same period last year.
Click to expand...
 
ArjunMK1A said:
Domestic production is just 13780 for an month. Lol
Click to expand...
They import a lot no? Majority of their cars sold are imported, majority of their cars produced are exported. Pretty weird.
 

Sharp industrial decline sparks slump in demand for electricity​

​

  • The Sunday Telegraph
  • 2 Feb 2025
  • By Jonathan Leake
img

​
THE amount of electricity used by industry has tumbled since Labour won power after a series of factory shutdowns.
Industrial electricity consumption fell by 3.6pc in the three months from July to September, in what is thought to be one of the sharpest declines on record. The fall is detailed in the latest government energy statistics published by Ed Miliband’s Department for Energy Security and Net Zero (DESNZ).
The data also show that the UK’s overall electricity consumption has plummeted to a level last seen in the mid-1980s. Critics of Britain’s net zero policy, including new US energy secretary Chris Wright, have claimed that falling energy use will lead to worsening living standards.
Overall energy consumption by Britain’s factories, including power derived from fossil fuels, fell by 4.4pc to “the lowest quarterly total this century” between July and September, DESNZ stated. It attributed the drop to “the closure of large industrial consumers”, most of which will be factories.
Sir Jim Ratcliffe, chairman of Ineos, has said high energy prices and carbon taxes are leading to a “de-industrialising” Britain by forcing heavy industry to close. Ineos shut down its synthetic ethanol plant at its Olefins & Polymers site in Grangemouth, Scotland, earlier this month. The site was the last remaining synthetic ethanol plant in the UK. Ineos is also shutting down a refinery at the same site.
Sir Jim said last month: “The UK cannot compete with such a huge disadvantage. De-industrialising Britain achieves nothing for the environment. It merely shifts production and emissions elsewhere. The UK, and particularly the North, needs high quality manufacturing and the associated manufacturing jobs.”
Ten large UK chemical complexes have shut down in the last five years alone and no new ones have been built. Energy prices have doubled in the UK in the last five years and now stand five times higher than those in the US.
During autumn 2024, British industry was being charged the highest electricity prices of anywhere in the developed world, averaging 28p-31p per kilowatt hour. That compares with about 18p for a medium-sized company in Germany and about 13p in France. Sweden was charging about 8p.
Mr Milliband has argued that the high cost of energy, and especially electricity, is a result of the UK’s exposure to the price spikes and shortages typical in global gas markets.
The UK relies on gas-fired power stations for 30pc to 40pc of its power, so the price for gas dictates the price of electricity. However, Kathryn Porter, an energy analyst, said the premium faced by British businesses was largely down to the raft of levies added by government.
She said: “The UK has added all kinds of carbon-related taxes which have pushed prices up and created an incentive to move abroad, typically to places like China.”
Britain’s electricity use has been declining over a period of years. Separate figures from DESNZ show electricity demand reached a record low of 317 terawatt hours in 2023, down by 1.1pc compared to 2022.
The Government was approached for comment.
[COLOR=rgba(0, 0, 0, 0.5)]Article Name:Sharp industrial decline sparks slump in demand for electricity
1743315904092.webp
www.telegraph.co.uk

Industrial decline sparks slump in UK power demand

Electricity consumption plunges to levels last seen in the mid-1980s
www.telegraph.co.uk www.telegraph.co.uk
 
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